Monday, 4 February 2008

Day 2 of Training to be a Betfair Trader

I didn’t really have any time to practice trading today as I was busy with other things. I did get 30 minutes free though, so I thought I would see if I learned anything from yesterday.

Basically, I studied the form for the 3.00 at Musselburgh. Jack The Blaster came out clear best according to my analysis and the only possible danger was a horse that had been off the track for over a year and would probably need the run.

So, I had priced JTB at 4/5 or 4/6 in my mind. When I checked Betfair, he was trading at evens. I watched for a few minutes and it went odds on. I had around £13 in my account, so I was going to be trading with £10. I put £10 on at 1.99.

Well, guess what happened again? Yip, it went on a massive drift. I did think of closing out at 2.1 for a small loss, but I decided to trust my judgement. Surely this would start at odds on?

Nope, it drifted all the way out to 2.75 before coming in a little bit. By this time, I had already decided to just let the horse run with my £10 on it. As usual, I called the race perfectly.

JTB won easily with the 2nd place horse being the horse that hadn’t run for over a year. Incidentally, the 2nd horse was backed from around 11/1 to 4/1.

So, I actually won £9.50 on the race but again, my trading skills were non existent.

I did try to trade the next race but again I got caught out when the market turned against me and so I decided to close out for a 6p profit!

In summary, I won £9.56 today.

However, my trading was abysmal again and I need to seriously reconsider how I plan to make The Experiment work.

I don’t intend to trade again until next weekend as I’m obviously working all week but I do plan on posting something up later in the week concerning my betting strategy for this project.

I’m still working through the numbers to work out how I plan to make a go of this and I’ll hopefully be able to write something up later in the week.

1 comment:

Anonymous said...

Hey, I like your poll about how much you everyone thinks you can win. How much do you think you can win and how much are you realistically trying to win over the 12 months?

Incidentally, when is it that The Experiment starts? Why call it "Self-Indulgent Bullshit?"